JEDDAH: The Sports Boulevard Real Estate Development and Investment Co. has signed agreements with Rikaz Properties to establish its third real estate investment fund, valued at more than $186 million, to develop key assets including a luxury five-star hotel in Riyadh’s Urban Wadi.
The fund will finance the development of the hotel in the Hittin district, with Rikaz Properties serving as developer and investor and Al Jazira Capital acting as fund manager, according to an official statement.
The project will be built on a 13,500-sq.-meter plot and have a gross floor area of about 34,400 sq. meters, the statement said.
Jayne McGivern, CEO of the Sports Boulevard Foundation, said the establishment of the funds marks an important step in advancing the project’s investment and development strategy.
“The establishment of these two funds represents an important step in strengthening the project’s investment and development strategy. It reflects our partners’ confidence in the long-term value of the Sports Boulevard, as well as our shared commitment to developing destinations that enhance quality of life, support economic growth, and strengthen Riyadh’s position as one of the best cities in the world to live in,” McGivern said.
